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December 23, 2013

Statoil and partners win Greenland licence

Norwegian oil and gas company Statoil has been awarded block 6 in the East Greenland licence round along with its partners ConocoPhillips and Nunaoil.

Offshore

Norwegian oil and gas company Statoil has been awarded block 6 in the East Greenland licence round along with its partners ConocoPhillips and Nunaoil.

Statoil will operate the block situated offshore north-east Greenland in a frontier area, with a 52.5% stake. ConocoPhillips and Nunaoil hold a 35% and 12.5% stake respectively.

The licence has a 16-year exploration period. Statoil plans to start with seismic acquisition on the block.

Statoil Greenland and Faroes country manager Runi Hansen said that the company had been present in Greenland since the late 1980s and is constantly building on experience and knowledge.

"We are taking a stepwise approach to the Arctic, building on more than 30 years of experience from the harsh environment of the Norwegian continental shelf and other Arctic and sub-Arctic regions," Hansen added.

"Being in a frontier area, this licence is a long-term project for Statoil and the company will follow its stepwise approach, not going faster than technology allows."

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Previously, Statoil carried out both shallow core drilling and scientific work in the area to understand the operating environment.

The company drilled an exploration well in the Fylla area west of Greenland in the 1990s and is also partner in three licences in Baffin Bay, west of Greenland.


Image: Statoil will be the operator of Block 6. Photo: courtesy of Statoil.

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